The Great Accumulation of Bitcoin Is Underway, Says Gemini Co-Founder

The Great Accumulation of Bitcoin Is Underway, Says Gemini Co-Founder

Time Stamp: June 22, 2023 6:34 PM
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As enthusiasm for the prospect of a spot Bitcoin exchange-traded fund (ETF) grows, Gemini co-founder Cameron Winklevoss said that the “Great Accumulation of bitcoin has begun.”

Winklevoss’ words come after prominent investment firms such as Fidelity, Invesco, Wisdom Tree, and Valkyrie have joined BlackRock, the world’s largest asset manager, in applying for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC), in a race for an ETF listing that propelled the price of BTC past the $30,000 mark.

According to Cameron Winklevoss, anyone who is watching the ETF filings “understands the window to purchase pre-IPO [Initial Public Offering] bitcoin before the ETFs launch and “open the floodgates” is “closing fast.”

He added that if BTC was the “most obvious and best investment of the previous decade, this will likely be the most obvious and best trade of this decade.” As CryptoGlobe reported, interest in the cryptocurrency has seemingly been growing along with the cryptocurrency’s price, to the point that on Binance.US, the price of BTC briefly skyrocketed to $138,000 in a flash rally.

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Anthony Pompliano, a popular Bitcoin enthusiast and investor, has also called what’s going on the “Great Accumulation Race,” and anticipated a struggle between retail investors and Wall Street for Bitcoin ownership, saying that both institutions and individuals will be “scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence… but 68% of that hasn’t moved in a year.”

Pompliano also highlighted the fact that Bitcoin’s rise to a nearly $1 trillion market cap has occurred with minimal institutional involvement, and predicted that when firms like BlackRock enter the market, Bitcoiners will be “reluctant to sell to Wall Street.”

Notably, earlier this month the  amount of Bitcoin available on cryptocurrency exchanges has tumbled to a level not seen since February 2018 after the SEC sued leading cryptocurrency exchanges Binance and Coinbase.

The data reveals that the supply of Bitcoin on exchanges has been falling since 2020, when it soared amid an abrupt market sell-off triggered by the COVID-19 pandemic.

Featured image via Pixabay.

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